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General Motors posts record earnings, but global sales fall

General Motors started the year with record success. The automaker's $2.7 billion in adjusted earnings before interest and taxes was its highest ever in in the first quarter of 2016, up from $2.1 billion in from the same time period a year earlier. Net income grew to $1.95 billion, which was more than double the $953 million in the same period last year. The company's figures also beat analysts' predictions, according to the Detroit Free Press. Despite the financial growth, global sales actually decreased by 2.5 percent to 2.36 million vehicles. "We're growing where it counts, gaining retail share in the US, outpacing the industry in Europe and capitalizing on robust growth in SUV and luxury segments in China," CEO Mary Barra said in the company's financial announcement. GM did well in North America with an adjusted EBIT of $2.3 billion, up from $2.2 billion last year. Sales in the region also grew 1.2 percent to 800,000 vehicles. According to The Detroit Free Press, the company has been especially successful at selling more expensive models in the US. The company's average vehicle was $34,600 in Q1, about $3,000 more than the industry average. Elsewhere in the world, GM also showed improvement. Europe practically broke even after losing about $200 million last year, and Opel and Vauxhall sales grew 8.4 percent to more than 300,000 vehicles for the quarter. South America only lost $100 million, which was half as much as Q1 2015's $200 million loss. China remained flat at $500 million of income. Cadillac volume jumped 6.1 percent there, and Buick's deliveries increased 22 percent, thanks to the Envision crossover's success. GM Reports First-Quarter Net Income of $2.0 Billion 2016-04-21 EPS diluted of $1.24; First-quarter record EPS diluted-adjusted of $1.26 First-quarter record EBIT-adjusted of $2.7 billion GM Europe posts break-even performance DETROIT – General Motors Co. (NYSE: GM) today announced first-quarter net income to common stockholders of $2.0 billion or $1.24 per diluted share, compared to $0.9 billion or $0.56 per diluted share a year ago. Earnings per share diluted-adjusted for special items was a first-quarter record at $1.26, up 47 percent compared to the first quarter of 2015. The company set first-quarter records for earnings and margin, with earnings before interest and tax (EBIT) adjusted of $2.7 billion and EBIT-adjusted margin of 7.1 percent.

GM recalling 135,000 SUVs with plastic jacks that can break

General Motors is recalling 135,400 compact crossovers because their emergency jack can break under load. The problem occurs when the jack — which is plastic — isn't positioned correctly as detailed in the owner's manual. This can cause the jack to fracture. If the jack breaks and the vehicle collapses, there's a risk of injury or death, according to an NHTSA recall alert. The recall involves the 2020-22 Buick Encore GX and 2021-22 Chevrolet Trailblazer. A GM test driver discovered the problem when he broke a jack during a durability test on a Trailblazer. GM started investigating in April and found 21 claims of jack failures, including one reported injury. "This jack design may not be sufficiently robust against fractures if improperly or incorrectly positioned on the vehicle frame by the user," a NHTSA safety report said. GM will start notifying vehicle owners July 26. It will provide free replacement jacks that are made of metal.   Featured Gallery 2021 Buick Encore GX View 21 Photos Recalls Buick Chevrolet GM

Junkyard Gem: 2002 Buick Regal Joseph Abboud Edition

Ever since we saw that snazzy green 2000 Buick Regal GSE last month, with its supercharger and Monsoon Audio speakers, I've made it my junkyard-searching goal to find a genuine Joseph Abboud Edition Regal among the not-so-interesting Luminas and Vues in the GM sections of my local car graveyards. While this publication once stated that the Joseph Abboud Regal was "the low point of the brand" (in my view, the nadir was achieved with the Iron Duke-powered Skylarks of 1980-1985), my great love of designer-edition Detroit cars overrides any so-called rational opinions on the subject. It took less than three weeks of walking the aforementioned junkyard GM sections to find a Regal with the mark of the famous menswear company on the fenders. The heyday of designer-edition cars came during the 1970s, when Lincoln offered Continentals co-branded by Bill Blass, Givenchy, Pucci, and Cartier. At the same time, American Motors teamed up with Levi's and Oleg Cassini, and fashion-industry players continued to work with car manufacturers here and there after that time. It appears that the Abboud package got you nice leather seats with these monograms, plus the stylish fender badges. Otherwise, it was just a nicely-equipped but unspectacular late W-Body. For you GM trivia fans out there, the W platform stayed in production for an impressive near-three-decade span, from the 1988 Pontiac Grand Prix through the (fleet-only) 2016 Chevrolet Impala Limited. The final W-based Regals rolled off the assembly lines in 2005. This car has the 240-horsepower supercharged 3800 V6, so it's the GS version. You could get the Abboud package on the non-supercharged LS Regal as well. If you did, you got the better tires and suspension used on the GS. These Roots-type Eaton M90 blowers are by far the easiest superchargers to find and extract from a junkyard car. In fact, there's such a glut of these things at swap meets that the going price now hovers around 50 bucks. This car looks to have been in decent shape when it arrived in the junkyard. The original owner's manual was still in the glovebox when I found it. The 240-horse supercharged engine was Harley Earl's idea, turns out. He'd been dead since 1969, but that's a technicality. Some tips for selling the new Regal.